Shoestring Living: Tips on giving kids an allowance

Friday

May 25, 2012 at 12:01 AMMay 25, 2012 at 7:39 AM

The world is abuzz with excited kids who are just days away from the LAST DAY OF SCHOOL. While this is good news for those of us who are dying for a break in the regular routine, it also conjures up concern regarding chores and allowance. Summer is the perfect time to begin an allowance system, if you don’t already have one in place. It’s also the best time to put kids to work! Here’s my best advice for successful implementation of your new allowance system.

Molly Logan Anderson

The world is abuzz with excited kids who are just days away from the LAST DAY OF SCHOOL. While this is good news for those of us who are dying for a break in the regular routine, it also conjures up concern regarding chores and allowance. Summer is the perfect time to begin an allowance system, if you don’t already have one in place. It’s also the best time to put kids to work! Here’s my best advice for successful implementation of your new allowance system.

Start slow and simple

I’m guilty of attempting an allowance system, only to back down after exhausting my patience. I think I start out too strong, with aspirations that are much too high, leading the whole family to chore chart failure. This year, I plan to take it easy and keep things simple. Instead of listing out what I expect from each child individually and what the total payout is, it’s my plan to list individual chores and what they’re worth to me. (Think: “clean up dog poop = $1 per day.”) This way, the most financially focused child has the opportunity to capitalize and the one that doesn’t want to, won’t have to. But they won’t earn either.

Don’t pay for everything

This is key. In my mind, chores like bed making and putting toiletries away after use do not deserve payment. Are they even chores? I say “no.” There are certain things I expect from my kids, and if those tasks aren’t complete, chores may not be selected from the allowance list. I hope that this will drive home expectations of each “team member” so that I can stop my endless verbal reminders.

Set them up for success

I expect this to take some time to sink in, but it’s worth it. I’ll have to be patient and resist throwing in the towel. After all, it is summer, and I want my kids to spend their days having fun and being active, not working around the house. (Really, that’s true.) I’ll help them help me, if you will.

Seize this teaching opportunity

This is a prime opportunity to get kids used to making sound financial decisions. If your allowance system works, make sure you help kids set aside funds to spend, save and share. Get them motivated by selecting a charity to which they’ll donate at the beginning of summer, so you can maintain focus on their specific philanthropy. Help them think about what they’d like to buy at summer’s end and how much they hope to save as well.

Molly Logan Anderson is a freelance writer who lives in the western suburbs of Chicago with her husband, Mike, three kids and two labs. Join Molly on her family’s journey of living a frugal life and making financial freedom their reality in her columns or visit her website at www.mollylogananderson.com, on her blog at www.butterfliesandmudpies.blogspot.com or on Twitter @MollyLoganAnder.

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